The OCC Wants Banks to Start Making Riskier Loans to Compete With Payday Lenders

The Office of the Comptroller of the Currency (OCC), a national bank regulator, said yesterday that it encourages financial firms to begin offering loans to be repaid over two to 12 months for amounts typically ranging from $300 to $5,000. This move was outlined in an OCC bulletin and is a reversal from views held by the previous leadership at the agency. Several banks have expressed an interest in developing new small-dollar products. Source.

  • Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

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